A provider of digital asset data has raised $30 million in Series B funding.
Amberdata provides insights into blockchain, cryptocurrency markets and decentralised finance to financial institutions.
Revenue at the company is climbing rapidly as these institutions adopt crypto at scale, according to CEO Shawn Douglass.
“The rate of institutional adoption of crypto is truly astounding,” he said. “We’ve seen our revenue double in the first quarter of this year as the world’s largest financial institutions come to us for the critical data they need for research, trading, risk, analytics, reporting and compliance as they enter digital assets.
“Amberdata is poised for massive growth and this financing will allow us to accelerate expansion of our worldwide go-to-market activities, scale our industry-leading data infrastructure, and build out our world-class customer success team.
“It will also allow us to accelerate new product initiatives including expansion of DeFi depth and coverage, development of digital asset indices, and market intelligence and risk analytics applications.”
The funding round was led by Knollwood Investment Advisory. Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase and Innovius participated in the capital raise alongside existing investors Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets and Boldstart Ventures.
Amberdata aims to remove the need to source and integrate data from multiple vendors.
“There is an avalanche of capital in traditional finance waiting to be deployed into crypto and other digital assets. Amberdata’s platform is a critical piece of infrastructure necessary to unlock a whole new institutional asset class,” said Eliot Durbin, general partner at Boldstart Ventures.
“We’re looking forward to the next phase of growth as Amberdata starts building DeFi applications and analytics on top of its market leading data infrastructure platform.”